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The AI boom has facilitated a funding frenzy in the sector, as global VC deal value in the legal sector hit $2.7 billion in 2024, up by 170% year over year, according to PitchBook.
The automation of processes like contract reviewing, enforcement of negotiations (smart contracts) and client intake (expert systems) allows law firms to streamline their procedures and improve efficiency. [21] In addition, automation benefits small-to-medium law firms that do not have the resources to utilize junior talent on such routine tasks.
AI doesn’t spell the end of corporate legal departments, Boehmig cautions. It’s a good assistant, but relying on AI for all contract needs or legal advice would be a disaster.
In large law firms document assembly systems are often used to systemize work, such as through the creation of complex term sheets and the first drafts of credit agreements. [ 5 ] [ 6 ] With the liberalisation of the UK legal services market spearheaded by the Legal Services Act 2007 [ 7 ] large institutions have broadened their services to ...
The subtle art of negotiating might be ready for a digital revolution. And the arrival of artificial intelligence in contract talks could lead to a major reworking of supply chains — helping ...
A legal expert system is a domain-specific expert system that uses artificial intelligence to emulate the decision-making abilities of a human expert in the field of law. [1]: 172 Legal expert systems employ a rule base or knowledge base and an inference engine to accumulate, reference and produce expert knowledge on specific subjects within the legal domain.
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